Retirement

Volunteering: Can You Do Well on Your Taxes by Doing Good?

Please note: Ally Bank does not provide tax advice and offers this information only as a consumer service. Consult the IRS or a professional tax advisor if you have questions about charitable giving deductions. Most everyone knows that the checks you write to qualified charities can qualify as tax deductions. But fewer people probably are […]

Retirement

Estate Planning, Part 1: Getting Started

Most experts will tell you that good planning is key to sound financial health, and part of that process is estate planning—or planning for what will happen to your financial assets after you're gone. Although Ally Bank doesn't offer services specifically designed for estate planning, part of our mission is to provide you with information […]

Retirement

Important Retirement Ages You Need to Know: Retirement Timeline

When one thinks about their retirement, images of lounging poolside while sipping on a tropical beverage often come to mind. But retirement is not all relaxation and leisure. Before reaching this important milestone, there are other benefits occasionally neglected. Here are a few target dates to remember when approaching retirement. 50 When you turn 50, […]

Retirement

Retirement and Relationships: How to Prepare Your Relationship for Retirement

Retirement is both an exciting and a confusing time. Many aspects of your life are totally rearranged — especially routines, roles, and responsibilities. Add to that spending a lot more time with your partner and the potential for problems skyrockets. When a couple does not talk about their expectations for the big and little areas […]

Retirement

Longevity Annuities As An Income Stream for Retirement?

The biggest worry about retirement boils down to this – will I outlive my savings?  As lifespans increase, building and managing a nest egg that can sustain a long life can be an overwhelming task. A recent TIAA-CREF survey found that running out of money was the principal concern (45%) for individuals nearing retirement. To […]

Retirement

401(k) Employer Match: Are You Saving Enough for Retirement?

Tax-advantaged 401(k) plans have provided a means for millions of retirement savers to build a nest egg. A 2013 survey by Aon Hewitt found that 401(k) plans are the primary way workers save for retirement. Yet, Americans are passing up $24 billion dollars of free money annually by not contributing enough to receive a full […]

Retirement

Cut the Apron Strings to Fulfill Retirement Dreams

Do children influence your ability to retire? The answer depends on how much you support them financially. According to the latest findings from Hearts and Wallets, a research firm that tracks retirement trends, only 21 percent of baby boomers who support adult children are fully retired — while 52 percent of boomers who don’t financially […]

Retirement

Financial Literacy in Older Adults: The Importance of Financial Planning

Growing older doesn’t mean getting wiser when it comes to financial decision making, according to recent research. At an age when baby boomers are responsible for managing their retirement assets and distributions, and making complicated decisions on Medicare and Social Security, they could also face a decline in their mental performance and financial literacy. Two […]

Retirement

Retirement Planning Beyond Finances: Are You Emotionally Ready for Retirement?

What do you picture when you imagine your retirement? Maybe you haven’t given it much thought beyond the aspect of solidifying your finances. Or perhaps you have a long list of interests and goals you plan to tackle once you leave the working world. Retirement is the beginning of a new chapter of life and […]

Retirement

Early 401(k) & IRA Withdrawals Erode Retirement Assets

Did you know millions of Americans are dipping into their retirement accounts prematurely, causing permanent damage to future retirement account balances? According to a new study released by the Center for Retirement Research at Boston College (CRR), 1.2 percent of all assets leak out annually, mostly from cash-outs (0.5 percent) and hardship withdrawals (0.3 percent). […]